Capital Wealth Planning LLC Purchases New Position in State Street Co. (NYSE:STT)

Capital Wealth Planning LLC acquired a new position in State Street Co. (NYSE:STT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,845 shares of the asset manager’s stock, valued at approximately $211,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of STT. Capital International Investors increased its holdings in State Street by 0.5% in the first quarter. Capital International Investors now owns 6,626,753 shares of the asset manager’s stock valued at $512,381,000 after purchasing an additional 31,314 shares during the last quarter. LSV Asset Management boosted its position in shares of State Street by 30.6% during the second quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock worth $390,897,000 after buying an additional 1,238,251 shares during the period. Metropolis Capital Ltd boosted its position in shares of State Street by 13.1% during the second quarter. Metropolis Capital Ltd now owns 4,124,840 shares of the asset manager’s stock worth $305,238,000 after buying an additional 479,205 shares during the period. Cooke & Bieler LP boosted its position in shares of State Street by 3.1% during the second quarter. Cooke & Bieler LP now owns 3,551,282 shares of the asset manager’s stock worth $262,795,000 after buying an additional 105,222 shares during the period. Finally, Putnam Investments LLC boosted its position in State Street by 5.8% during the fourth quarter. Putnam Investments LLC now owns 2,343,254 shares of the asset manager’s stock valued at $181,508,000 after purchasing an additional 129,493 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Up 2.7 %

Shares of STT opened at $85.50 on Tuesday. The company has a market capitalization of $25.53 billion, a PE ratio of 16.01, a PEG ratio of 1.34 and a beta of 1.48. State Street Co. has a 12 month low of $62.78 and a 12 month high of $87.26. The stock’s 50-day moving average price is $82.25 and its two-hundred day moving average price is $77.14. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.89.

State Street (NYSE:STT) last announced its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. State Street had a return on equity of 11.78% and a net margin of 8.98%. The company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. During the same period in the previous year, the business earned $2.17 EPS. The firm’s revenue was up 2.6% compared to the same quarter last year. On average, analysts anticipate that State Street Co. will post 8.14 EPS for the current year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be issued a dividend of $0.76 per share. This is a positive change from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date is Tuesday, October 1st. State Street’s payout ratio is currently 51.69%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Wolfe Research reissued an “underperform” rating and set a $73.00 price target on shares of State Street in a research report on Monday, July 8th. Wells Fargo & Company increased their target price on State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft lowered their price objective on State Street from $80.00 to $79.00 and set a “hold” rating on the stock in a research note on Thursday, August 15th. Royal Bank of Canada raised their price objective on State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 17th. Finally, Barclays lifted their price target on State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $88.89.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.